Global market wrap: data disappoints, markets wobble - ANZ

Analysts at ANZ explained that the macro data from the US and Europe continued to struggle to meet lofty expectations. 

Key Quotes:

"Even though activity levels are still at decent levels, lower than expected outcomes caused jitters for equity markets. 

European equities closed 0.5-0.8% lower and US indices were mixed at the time of writing (S&P 500 down, but others up slightly) after staging a comeback from being down as much as 1.6% earlier on. 

Yields were under pressure with the moved sparked by a lower-than-expected UK services PMI, followed by poor European inflation data and finished off by a miss on the US non-manufacturing ISM. 

European 10-year yields fell 4-7bps on the expectations of more monetary policy support for longer. 

US yields were down 1-3 bps across the curve with the introduction of “symmetric” suggesting the Fed can look through some firmer CPI prints over the coming months. 

The USD, GBP and CAD all fell. A softer USD and no negative trade headlines appeared to support commodity prices."